IT took a while but the Securities and Exchange Commission (SEC) has finally come out with a decision that slapped P560 million in fines to officials of Abra Mining and Industrial Corp. (AR) and others for the sale in the stock market of unregistered and unlisted shares worth P1.6 billion.
IT took a while but the Securities and Exchange Commission has finally come out with a decision that slapped P560 million in fines to officials of Abra Mining and Industrial Corp. and others for the sale in the stock market of unregistered and unlisted shares worth P1.6 billion.
As per SEC’s decision, Illegal issuances of AR shares totaling 169.05 billion shares covering 474 stock certificates were found to have been made from 2015 to 2019. These illegally issued shares were lodged and traded on the PSE in numerous transactions. In a separate decision, the MSRD also found AR’s transfer agent, Asian Transfer & Registry Corporation, as well as its president, Arline B. Adeva, corporate secretary Premy Ann, assistant corporate secretary Joseph M. Acuesta, and treasurer guilty of violating Sections 26 and 52.1 of the SRC, and Section 36.4.3.2 of the 2015 Implementing Rules and Regulations of the SRC.
In arriving at its decision, the SEC also combed through the legal defense of the Abra Mining officials, including the deposit payment for the stocks supposedly purchased through private placement first with the Banco de Oro account of Jeremias Beloy, with Account Number 0021800327024.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SEC imposes P540m in fines on Abra Mining executives, agentDefining the News
Read more »
Unregistered DNFBPs Face Stricter Sanctions, Says AMLCUnregistered designated non-financial businesses and professions (DNFBPs) in the Philippines may face more stringent sanctions from the financial intelligence unit, according to the Anti-Money Laundering Council (AMLC). Despite reminders, 11 entities, mostly jewelry dealers, have failed to register on time.
Read more »
MPBL opener: Zamboanga duels Valenzuela as Pangasinan, Abra collideNewcomers Pangasinan and Abra test each other's mettle when they tangle at 8 p.m. in the second game of the MPBL (Maharlika Pilipinas Basketball League) Sixth Season inaugurals at the Calasiao Sports Complex in Pangasinan.
Read more »
AFP, NPA clash: Hundreds flee homes in Abra townAt least 137 families or 483 residents
Read more »
Abra, Ilocos Sur evacuees return to their homes after troopers-rebels clashVillagers who fled after Tuesday morning’s firefight between government troopers and communist rebels along the border of Pilar, Abra and Sta Maria, Ilocos Sur have returned to their homes.
Read more »
Abra stuns Pangasinan, Zamboanga trips Valenzuela in MPBL inauguralsDefining the News
Read more »